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Less than a year after entering into a definitive agreement to form a strategic alliance with SignificantPsychology LLC, the board of directors at Crichton College has formally sold the Christian liberal arts college at 255 N. Highland St. to the California company for $5.3 million.

A self-styled “education entrepreneur” who has engineered turnarounds at struggling Christian education institutions throughout the country over the past several years has entered into an asset purchase agreement with Crichton College in Memphis. Terms of the deal, which may take several months to complete, were not released Wednesday.